Types of Reverse Mortgages
There are three types of Reverse Mortgages, a credit line, a monthly payment and a cash withdrawal. A credit line establishes the amount of equity you have in your house. You do not need to draw on it but you can draw on it at any time up to the amount of equity you have.  A monthly payment plan pays you a fixed amount every month and gradually reduces your equity. A cash withdrawal plan gives you a fixed amount of cash either in a total lump sum or smaller amount.

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